MS SB3120

Increases the maximum amount of general obligation bonds that may be issued from $6,000,000 to $12,000,000 to fund loans and grants through the Mississippi Development Authority for development in the Farish Street Historic District.

Authorizes the planning and development district to make low-interest loans (at a rate not to exceed 1% less than the federal discount rate) to persons and entities for acquisition, construction, demolition, design, engineering, and other costs related to commercial and culturally significant property development in the district.

Removes the previous limitation on the maximum amount of a loan that may be made to any single person or entity.

Creates the "Farish Street Historic District Fund" as a separate, permanent fund in the State Treasury to receive bond proceeds and loan repayments, with interest earnings deposited back into the fund.

Requires all proposed projects to be reviewed by the Department of Archives and History to ensure compliance with the Secretary of the Interior's Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings.